NWR: Tax credit to first time home buyers??

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Posted by Angel06

To those that have taken advantage of this credit i was wondering when you recieve the credit? Is it after you file your income taxes? I was thinking maybe we should look into buying a house or condo before this great deal goes away, but we are also paying for wedding, so we have no money to put down. Has anyone put no money down? Im not sure if we should pass up this deal and just wait till and rent for a year- HELP! Thanks girls.

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You really needed to have found a place like yesterday to make sure you close in time for the 8k... Take a look at this.... Timeline

Fiance and I recently closed on a house, in June, and it takes approximately 4-6 or maybe 4-8 weeks for you to receive the $8,000 check. When it first came out, the government was going to make it a part of your tax return for 2009, but now it is a seperate piece.

Hope this helps!

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Posted by Shelly522

Fiance and I recently closed on a house, in June, and it takes approximately 4-6 or maybe 4-8 weeks for you to receive the $8,000 check. When it first came out, the government was going to make it a part of your tax return for 2009, but now it is a seperate piece.

Hope this helps!

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I was planning on filing this when we do our 2009 taxes. did you amend your 2008 taxes?

I thought you get it with your taxes - not a seperate check

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Posted by STAR10910

FH and I are in process of buying a house too and the tax credit is not a full $8,000...from what we've learned it is 1% of the purchase price.. ex $450,000 house = 4,500 tax return and you receive the return after you file your taxes....we also heard from our mortgage broker that it may be difucult to close in time for the return if we buy a house now because banks are backloaded and it may take them some time to process everything and to get approved

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If you purchase an 80k+ home, you automatically get 8k... nothing less... Here on LI, thats pretty easy to do lol

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Posted by STAR10910

FH and I are in process of buying a house too and the tax credit is not a full $8,000...from what we've learned it is 1% of the purchase price.. ex $450,000 house = 4,500 tax return and you receive the return after you file your taxes....we also heard from our mortgage broker that it may be difucult to close in time for the return if we buy a house now because banks are backloaded and it may take them some time to process everything and to get approved

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This is NOT true...my sister and her bf purchased a co-op for under $200K and they received the full $8,000.

It is a full $8k...and you get a separate chk/direct deposit about a month or two after you buy the house. Two of my friends just bought homes and this is how it worked for both of them.

I am hoping they extend the tax credit! FH and I don't think we can swing finding our 'perfect starter home' before the deadline...and trust me - we have tried!!

I really would not suggest purchasing a home with no money down...I've heard many stories of people losing their homes this way.

Plus I doubt that in this economy anyone will accept no money down...in good times you only needed 10% down, now I'm hearing you need as much as 40% down...

I believe that its 10% of the purchase or $8,000, whichever is greater.

Also, you can get it as a tax credit or use it as part of the down payment. You would have to amend your 2008 taxes and then can get it at closing to use towards the downpayment. I know that is an option, but I'm sure it takes a long time to get the approval and I'm not sure about what the process actually entails.

Also, at this late point, it is probably too late to start the process in order to close on a house before December 1st just because the banks are really slow. If you had a house in mind, then maybe. I'd suggest talking to a bank broker about this to get the most accurate info.

HTH

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Posted by queensbride2010

I believe that its 10% of the purchase or $8,000, whichever is greater.

Also, you can get it as a tax credit or use it as part of the down payment. You would have to amend your 2008 taxes and then can get it at closing to use towards the downpayment. I know that is an option, but I'm sure it takes a long time to get the approval and I'm not sure about what the process actually entails.

Also, at this late point, it is probably too late to start the process in order to close on a house before December 1st just because the banks are really slow. If you had a house in mind, then maybe. I'd suggest talking to a bank broker about this to get the most accurate info.

HTH

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correct, so you will get $8k but no more. You receive it when you file it on your taxes. Fh and I got it earlier this year when we filed our taxes. It was spilt between us so he got $4k extra in his refund as did I.

if you want the tax credit you really need to find a house asap. you can close within 30 days but its hard to find a homeowner who can be out within 30 days.

Rumor is they are extending this, but we probably won't know for sure till November.

Also, you cannot get a home without a downpayment. I saw you mentioned that in your original post. The best you can do is a FHA loan, it require 3.5% downpayment, but you do get charged PMI (premium mortgage interest) for 5 years.

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Posted by MikesBride2B

I really would not suggest purchasing a home with no money down...I've heard many stories of people losing their homes this way.

Plus I doubt that in this economy anyone will accept no money down...in good times you only needed 10% down, now I'm hearing you need as much as 40% down...

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FHA loans... minimum of 3.5% down... There are ways We applied for an FHA and put about 7% down

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Posted by latinaj

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Posted by Shelly522

Fiance and I recently closed on a house, in June, and it takes approximately 4-6 or maybe 4-8 weeks for you to receive the $8,000 check. When it first came out, the government was going to make it a part of your tax return for 2009, but now it is a seperate piece.

Hope this helps!

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I was planning on filing this when we do our 2009 taxes. did you amend your 2008 taxes?

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Yes, we did an amendment to the 2008 taxes..

It is a full credit - meaning it is not taxable. It is up to $8,000 as long as you spend that in your taxes during the home purchase.

We just bought a house in July so we will be getting the credit when we file for our taxes this year.

Also the home must be purchased by December - meaning you will have had to your closing, contracts signed.

HTH